2015 Grand AveDes Moines, IA 50312

This Des Moines, IA office building, located at 2015 Grand Ave, offers a compelling value-add investment opportunity. The 30,000 square foot, three-story Class B building boasts 22,000 square feet of net rentable space, currently 80% occupied by six tenants, including two prominent Des Moines law firms. Built in 1927 and renovated in 1995, this historically significant property features 55 parking spaces and sits on a 1.152-acre lot (APN: 030/00950-002-000, 030/00949-000-000). The property is zoned DX2 and offers a gross lease structure with a 5-year lease term commencing April 1, 2023, and expiring April 1, 2028 (3.4 years remaining). The current asking price is $2,350,000, representing a $78.33 per square foot price and a 5.87% cap rate based on a Net Operating Income (NOI) of $138,016 as of January 1, 2023. Annual rent bumps of $500 are included in the lease agreements. Significant improvements include a new roof installed in 2013. This property presents a rare chance to acquire a well-maintained, historically significant building with strong potential for future growth in a desirable Des Moines location.